Hays reports salary surge for senior financial planners
Hays’ new salary guide, based on a survey of 7,392 professionals across Australia and New Zealand, has revealed that within financial planning, salaries are predominantly unchanged from the start of this year, except for a select few senior financial planners.
Being the head of a financial planning business unsurprisingly remains the most profitable role, one that, according to Hays, could earn individuals an average of $230,000 in Sydney and $225,000 in Melbourne.
While salaries for this role remained largely unchanged across the capital cities, heads of financial planning businesses did see a $15,000 boost in their salary in Canberra.
According to Hays, their Darwin-based peers remained the lowest paid at $148,000.
Financial planners, on the other hand, still pocket an average of $120,000 in Sydney and $110,000 in Melbourne.
Perth, however, experienced a $10,000 boost to $110,000, while Canberra joined Brisbane and Hobart on $105,000. Darwin again remained at the bottom of the pack on $95,000, alongside Adelaide.
Senior planners experienced the most considerable pay boost over the past six months, with Sydney-based senior planners receiving a $20,000 rise in their salary to $160,000. While Perth saw an equal boost to $150,000, Melbourne-based senior planners remained on $130,000.
In Canberra, there was a $3,000 pay bump to $125,000, while their Brisbane-based peers remained on $125,000. Adelaide- and Darwin-based senior planners earned $110,000, while their Hobart peers pocketed an average of $115,000.
For a paraplanner, however, salaries remained much lower, with those based in Sydney taking home a typical salary of $90,000, while those employed in Melbourne received 5,000 less. Perth-based paraplanners, however, surpassed Sydney with a $10,000 pay increase, resulting in a salary of $95,000.
Canberra, too, climbed $10,000 to $90,000, while Brisbane remained on $80,000, and Darwin trailed with $71,000.
According to Hays, in the banking sector, the top factors driving turnover include an uncompetitive salary, the rising cost of living, and a lack of promotional opportunities.
Moreover, the recruitment firm revealed that as many as 95 per cent of employers plan to increase salaries in their next review, up from 88 per cent last year and 67 per cent the year before. Hays also noted that a majority, or 66 per cent, plan to boost pay by above 3 per cent, which represents a big leap from 37 per cent last year.
Hays also revealed that even with most employers intending to increase salaries, employer and employee expectations are misaligned, with many employees feeling undervalued and underpaid.
Namely, according to the survey, only 28 per cent of professionals are satisfied with their current salary, with most (71 per cent) believing it doesn’t reflect their individual performance.
Among the benefits that matter to employees, Hays said almost two-thirds of desk-based employees will look for a hybrid role when they next job search as a majority continue to value flexibility.
